There’s plenty on the minds of advisors these days: market conditions, pending regulatory and tax law modifications, asset allocation, business growth and, of course, managing client expectations. Unfortunately, these are all things that come with the territory.
Yet there are those who are also looking at the bigger picture and their role as a fiduciary to clients. As the world changes around them, they’re thinking: “Am I in the best place to serve my clients and grow my business?”
It’s a threshold question that advisors should be asking themselves—and even more so as the industry landscape has expanded, and the pandemic changed how everyone conducts business.
They’re wondering:
“Is my firm the best partner for me?”
“Am I able to serve my clients without limitation?” and
“Am I building the enterprise I have my sights set on?”
And these are all valid concerns, because the reality is that they are the very things advisors have the most control over. As big firms become more bureaucratic and compliance-driven, advisors are finding they are losing agency over how they grow their businesses and manage their clients.
Yet as advisors embark upon exploration of their options, many get “stuck”—worried more about what “might” happen if they leave their current firm. As a result, some stay put and accept the status quo because the fear of rocking the boat can feel greater than the potential that might await them.
What is it that worries these advisors most about moving? Here are seven common concerns we hear:
Mindy Diamond is CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.